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4 Best Whole Life Insurance Plans Singapore 2022 (Updated)

Here, we analyse and explore the best whole life insurance plans in Singapore 2022.

Whole life insurance plans are known for their high premiums and can be a bit more complex as compared to a term life insurance. Insurance agents love to peddle whole life insurance as coverage with savings that may be surrendered later in life to supplement your retirement needs.

However, by our standards, we believe you should only consider getting whole life insurance if you want a lifetime coverage but do not wish to commit the premium for life (Limited Payment Term) or to take advantage of the multiplier feature for early-stage critical illness coverage.

We select the 4 Best Whole Life Insurance Plans base on 3 basic criteria:

  • Has a multiplier coverage feature
  • Has a regular but limited payment term feature
  • Able to add early stage critical illness coverage as a rider with 100% pay-out upon diagnosis

Here are our top 4 picks base on the following features

  1. Best whole life with Pre-existing condition coverage  – HSBC Life Protect Advantage (II)
  2. Best whole life insurance with Lifetime Multiplier  – China Taiping i-Secure Legacy
  3. Best whole life insurance with Pre-malignant tumour coverage  – Singlife Whole Life
  4. Best whole life insurance with cheapest premium – Etiqa Essential Whole Life Cover

This article is for general information only it is not an advise nor does it take into account the specific investment objectives, financial situation or needs of any particular person. Read our General Disclaimer

Best Whole Life Insurance with Pre-existing Condition Coverage

HSBC Life Protect advantage (II)

The HSBC Life Protect Advantage II is a true gem of a whole life insurance plan. This is the only plan that provides coverage for Benign Tumor under its early stage critical illness rider without any exclusions or loading. The HSBC Life Protect Advantage II will cover the progressive conditions and pay 20% of CI multiplier benefit capped at S$50,000. This means if you select a sum assured of 125,000 with a multiplier of 2x, you will receive a 50,000 payout before 70 years of age should your early stage cancer be related to benign tumour which you are covered for.

The specific covered benign conditions are these, Benign Breast disorder, elevated prostate-specific antigen (PSA) level, and uterine fibroid. E.g. benign breast cyst/tumour will have breast cancer typically excluded by most insurer on their critical illness coverage.

In addition, the HSBC whole life insurance also provides coverage for disability in the event the life assured is unable to do 2 out of 6 activities of daily living. This is a more lenient definition than most of the insurers in the market.

Here is why we like HSBC Life Protect Advantage II
  • Flexible limited premium payment term of 10/15/20/25 years
  • Life Extender Multiplier ensures that you are well covered until the end of your policy term, by giving you the flexibility to keep your
    multiplier up to age 99.
  • Lenient Disability Coverage base on 2 out of 6 ADL  between 16 – 70 years old
  • Multiplier benefit feature of 2/3/4/5 times
  • Early Stage Critical Illness Rider Covers up to 119 Medical Conditions and 13 Special Conditions and 11 Juvenile
  • Guaranteed Family Waiver  of premium in event of death of your spouse or parents (for juvenile policy)
  • Accelerated Benign Tumor Benefit accepts customers with Benign Breast disorder, elevated prostate-specific antigen (PSA) level, and uterine fibroid without any exclusions or loading. HSBC Life will cover the progressive conditions and pay 20% of CI multiplier benefit capped at S$50,000
  • GIO Coverage to purchase a new life plan upon life events
What we don’t like
  • Minimum Sum Assured @ 50,000
  • Limited Multiplier till age 70 only (but with option to extend there will be the cost of insurance incurred on the difference between the death benefit with bonuses and the multiplied death benefit)
  • The only way to cash out is to take a policy loan or fully surrender the plan, no monthly income or partial surrender option at the later stage of the plan

Best Whole Life Insurance with Lifetime Multiplier –

China Taiping i-Secure Legacy


China Taiping Logo

China Taiping is back in our list with their new i-Secure legacy whole life insurance plan, this is the third version of their product and we will summarize why this plan may just be the best whole life insurance plan out there in the market if you are comfortable with the brand.

The new plan continues to provide comprehensive Critical illness whole life insurance plan in the market. Individuals will be covered for 42 Early Stage, 40 Intermediate Stage, and 55 Advanced Stage Critical Illnesses. The plan also provides additional payout for 12 Special Conditions for the entire policy term and additional payout for 12 Juvenile Conditions for life assured below attained age 18, this numbers adds up to a total of 161 conditions covered.

China Taiping allows the insured to receive Lifetime TPD coverage as well as the option to enhance coverage on the basic plans and riders till age 76 (Previously 71) or 86.

What is New for China Taiping is the Lifetime Multiplier benefit E.g. instead of totally reducing the multiplier benefit after the selected multiplier age. China Taiping is the First insurer in the market to provide a partially reduced Multiplier benefit after either 76 or 86 to 50% of the multiplied coverage. This means the policyholder/life assured continue to enjoy multiplier coverage beyond the end of the Multiplier age. To be exact, the Guaranteed Benefit / Multiplier will not reduced to 50% immediately. It will reduce by 10% each policy year for 5 policy years after the Multiplier Age selected before flooring at 50% of the Multiplied Sum assured..

Here is why we like China Taiping i-Secure Legacy
  • Multiplier Factor of 2, 3, 4x
  • Lifetime TPD Coverage
  • Multiplier benefit till age 76 or 86 (Longest in Market)
  • Enjoy 50% Guaranteed Multiplied Benefit for Life beyond Multiplier Age (76 or 86) or Basic Sum assured + Bonuses
  • Premium payment term choices of 5, 10, 15, 20, 25
  • Comprehensive Critical Illness Coverage with 161 Conditions (42 Early Stage, 40 Intermediate Stage, and 55 Advanced also provides additional 12 juvenile and special condition For Life)
What we don’t like
  • The only way to cash out is to take a policy loan or fully surrender the plan, no monthly income or partial surrender option at the later stage of the plan
  • Minimum Sum Assured is $75,000

Best Whole Life Insurance with Pre Maglinant Tumour Coverage

Singlife Whole Life

Singlife Whole Life allows the policyholder to choose a multiplier term till the age of 65, 70, 75. This makes it one of the the more flexible multiplier term benefit in the market.

The new Singlife Whole Life Plan will also allow the client to choose from a wider range of premium payment term, from single premium payment term to 5/10/15/20/25 or Till Age 65 years option.

Still, being able to provide a cash-out option in the form of a monthly income benefit any time after 65 years old gives Singlife an edge over its competitors.

Early Critical illness rider V continues to provide pre-malignant tumour coverage as well as 4 days ICU stay payout on 20% of the Early CI basic sum assured. On top of it, it also now provides lump sum payout coverage for up to 132 medical conditions

Here is why we like Singlife Whole Life
  • Premium payment term option of Single Premium/5/10/15/20/25 years
  • Option to receive monthly income at a reduced sum assured any time after age 65 up to age 99 with minimum monthly income of $50
  • Pays 20% Early CI Sum assured for Premalignant tumour & 4 days ICU Stay
  • Multiplier benefit of 2x/3x/4x/5x
  • Early-stage critical illness covers 132 medical conditions and 27 special conditions.
  • One year premium freeze should you lose your job, you’ll not incur any interest charges.
  • Total Permanent Disability coverage for a lifetime
What we don’t like
  • Restrictive minimum sum assured of 50,000
  • Multiplier till age 80 no longer applicable in the revised plan

Best Whole Life Insurance with Cheapest Premium –

Etiqa Essential Whole Life Cover

Etiqa Insurance

We have done our comparison and etiqa seems to have the most affordable if not the cheapest whole life insurance plan across all permutation with the only exception that there are only multiplier till age 65 to be compared with.

Two main features of this plan are, first; the plan offers Multiplier till 65 and 80. Second; Etiqa provides the option of receiving regular yearly payments starting from the policy anniversary immediately after the life insured attains age 65, for a period of 10 years.

Here is why we like Etiqa Essential Whole Life Cover
  • Choice of premium payment term option of 5/10/15/20 years
  • Multiplier Option till age 65 & 80
  • Early Care Rider allows a 100% lump sum claim of up to 350,000 (one of the highest in the market)
  • Most competitive premium in the market for similar permutations
  • Total and Permanent Disability Covers for Whole Life
  • Guaranteed insurability benefit – Option to purchase another plan at certain life stages without proof of good health, in the event of marriage, birth or adoption of your children or graduation from tertiary education.
  • Multiplier benefit of 2/3/4x
What we don’t like
  • Multiplier option do not have till age 70 which other companies have hence unable to provide apple to apple comparison with others
  • Early/Advance Critical illness coverage are not comprehensive although the common conditions are adequately covered

Once again, we have done the homework to filter out the best whole life insurance plans in the market you can look into if you’re ever considering taking up a whole life insurance plan for yourself,

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